The script is described as an ensemble comedy in the vein of The Hangover, and begins when three teens pull a prank and burn down a house in their neighborhood. They create a fake person to take the blame: Ricky Stanicky. Twenty years later, it turns out the three guys have been using this alibi to get out of every uncomfortable situation in life. When their girlfriends and wives force them to set up a meeting with Stanicky, they hire an out-of-work actor to play the part.

Oedekerk will re-write the script by Jeff Bushell. (Bushell is exec producing with Michael Aguilar and Smart's Zac Unterman.

Summit picked up the project in mid-2010 with James Franco attached to play the Stanicky role. The actor eventually moved on, and there was a brief flirtation with Joaquin Phoenix over a year ago. The project has been quiet ever since but is now looking at a summer production start.

Lionsgate Motion Picture Group’s president of production Erik Feig and exec vp of production and development Jim Miller are oversee the project for the company.

Carrey is coming off strong reviews for his work in the New Line comedy Burt Wonderstone and will star in Kick-Ass 2, a sequel to the action movie based on one of Carrey’s favorite comic heroes. Universal releases the movie Aug. 16. He is repped by WME, managers Eric Gold and Jimmy Miller, and attorney Deborah Klein of Jackoway Tyerman.